Pound, Gold, and Oil Prices: Today’s Market Update for 7 January
Today’s market sees the pound gaining against the dollar, while gold prices rise amid economic uncertainty and oil prices dip
Pound, Gold, Oil, Dollar, Brent Crude, WTI, UK, US
London: The pound is bouncing back a bit against the dollar after a rough week. It’s up 0.2% to $1.2537 in early trading today.
On Monday, the pound got a boost from a report suggesting that Trump’s team might limit trade tariffs. But Trump quickly shot that down, saying it was wrong.
After a dip, the pound is back on the rise, recovering from last week’s low of $1.2353. That drop was mainly due to the dollar gaining strength.
Meanwhile, the pound is holding steady against the euro, trading at €1.2045 this morning.
Gold prices are also looking better today, climbing 0.1% to $2,640.78 per ounce. It seems the weaker dollar is helping out.
Gold had been under pressure from the dollar’s strength, but investors are still leaning towards gold as a safe bet during uncertain times.
Analysts say that while gold is stabilizing, higher US Treasury yields could still be a hurdle for further gains.
On the flip side, oil prices are slipping again. Brent crude is down 0.3% to $76.07 per barrel, and WTI is down 0.4% to $73.27.
Weak economic data from the US and Germany is weighing on the market, even with some positive signs like increased energy demand.
Overall, the market feels a bit shaky, with traders keeping an eye on any geopolitical news that might shake things up.
The FTSE 100 is also down, dipping 0.4% to 8,218.14 points this morning. For more updates, check our live coverage.
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